Home Loan EmI

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You can claim tax deductions for both the principal and interest components of your home loan EMI. The principal repayment is deductible under Section 80C, while the interest paid can be claimed as a deduction when calculating your House Property Income under Section 24B. If you've only claimed the principal repayment so far, you can revise your tax return to include the interest deduction as well.

Ashok

Ashok (Querist)
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10 February 2021 Res, sir , can I avail deduction in IT return of 80C Principal and interest of home loan.
My EMI is Rs. 11580 which is Principal is Rs.1580 and Interest Is Rs. 10000,
So, I can take deduction of both Principal Amount and Interest amount under 80c and 24B, for 12 months.
Thanks Sir,

CA.Pujah

CA.Pujah (Expert)
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10 February 2021 Your EMI consists of two portions, principal & Interest.
Get a statement from the concerned bank/ loan agency.
It will show the exact break-up of your payments made during the year.
Re-payment of principal of Housing loan is deductible under 80C.
Payment of interest is claimable as deduction while calculating House Property Income.

Ashok

Ashok (Querist)
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10 February 2021 Thank you Mam, just now i can taken deduction only Repayment Principal Amount for the year,

CA.Pujah

CA.Pujah (Expert)
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10 February 2021 You can revise your return to take both the deductions

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